Building permits rise in cyprus

Photo: Martha de Jong-Lantink

Building permits are rising in Cyprus, according to new figures.

Data from the Cyprus Statistical Service shows that building permits for new homes have risen in Septemmber 2015 compared to the same month in 2014.

The number of overall permits remained static, while the total area of permits fell 1 per cent to 69,398 square metres from 70,103, but their value rose 0.1 per cent to €78.5 million from €77.9 million. Residential buildings, meanwhile, recorded growth of 1.9 per cent.

The figures are the latest in a wave of positive indicators for the Cypriot property market. New figures from the Department of Lands Surveys show the total number of sales on the island in November 2015 was 21 per cent up year-on-year, while sales to foreign buyers rose almost 50 per cent.

The recovery is a long-term struggle, though: in the first nine months of 2015, the number of total building permits authorised for both residential and non-residential projects fell 0.6 per cent compared to the same period of 2014. Their value, though, has risen by 20.6 per cent to €764.1 million and their area rose by 14.8 per cent to 658,427 square metres.

For residential property, between January and September 2015, the number of building permits issued has risen 15.1 per cent compared to the same period last year.